© Reuters. Gold slumps to one-month low, however traders begin shopping for gold ETFs
- Comex December gold fell 1.four% in at the moment’s commerce to settle at $1,208.60/oz., ending down 2% for the week to its lowest end since Oct. 10.
- The Fed held rates of interest regular yesterday however is broadly anticipated to lift charges in December, which “prompted the greenback to strengthen and the outlook for increased U.S. rates of interest has gold on the protection,” in response to RJO Futures strategist Bob Haberkorn.
- However in a doubtlessly bullish shift of investor sentiment, ETFs backed by gold elevated their holdings by $1B in October, including 16.5 metric tons to lift holdings as much as 2,346 metric tons for the primary month-to-month acquire in 4 months, in response to the World Gold Council.
- The numbers “verify our view that traders are as soon as once more turning to gold as a defensive asset, providing some safety in opposition to the sudden, whether or not these tail dangers are macroeconomic or geopolitical in nature,” says George Milling-Stanley, head of gold technique at State Road (NYSE:STT) World Advisors.
- ETFs: GLD, IAU, PHYS, SGOL, UGLD, UGL, DGP, GLL, GTU, GLDI, OUNZ, DZZ, DGL, DGLD, DGZ, GYEN, BAR, GEUR, GLDW, GHS, UBG, QGLDX, GHE, AAAU, GLDM, IAUF
- Now learn: Gold Is Hanging In There – An Spectacular Efficiency In The Face Of Adversity
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